Is a home an asset or liability?

[fasternyou929]

Originally Posted by anthonyk

Actually, it's an asset because someone would give you money for it if you sold it. Totally independent of what you might owe on it.

Originally Posted by Homeslice

Even if it wasn't, it's still an asset.

Your bike is an asset, and your loan on it is a liability. They both exist simultaneously. Your bike isn't prevented from being an asset just because you have a liability (loan) on it.

I get that, I'm pretty clear on the black and white definitions of asset v liability. I was trying to understand the definition as t-rock had it explained to him, or at least clear up what I think they were trying to tell him.